"I think that the market is reacting in Europe and in the U.S. to what they perceive as good news in the wake of a recurring crisis, and that crisis is not over, and so you have to have very realistic ideas," Chovanec said.

The European Central Bank raised the limit on emergency funding to Greece for a third consecutive day after reviewing a proposal from Greek leaders. The deal offers nearly 8 billion euros in fiscal concessions in order to close a funding gap. Most of that would come from tax increases on the wealthy and businesses, rather than from spending cuts.

"You've got a patient who's dying of cancer and we basically just fluffed his pillow," Chovanec said. (Tweet This)

Locked out of bond markets and with bailout aid frozen since last summer, Athens is quickly running out of cash. Greece urgently needs access to funds to avoid defaulting on a 1.6 billion euro IMF loan that falls due at the end of the month. As the crisis gets pushed from one meeting to the next, each side has put the responsibility for finding a deal on the other's shoulder.

Money drained out of Greek banks following a breakdown in talks last week.The increase in emergency lending authorized Tuesday extends a lifeline to the banks.

The Greek debt crisis is not just about Greece, said Chovanec, but setting a precedent for other countries with similar problems that also want debt relief, such as Spain, Portugal and Italy. Because Greece has a relatively small economy, it would be "no big deal" to bail out the country, he added, but that wouldn't solve the imbalances within the euro zone economy between countries like Germany and France and the more fiscally troubled nations on the continent's periphery.

As six years of growing debt comes to a head, market watchers need to see a precedent for a deal and evidence that Greek leaders can negotiate with European finance ministers, said James Liu, global market strategist at JPMorgan Funds.

"Clearly no deal in the next few days is going to solve the problem. Nothing short of debt forgiveness is going to fix the problem itself," he said on "Squawk Box." "But as long as Greece gets out of the way, and the euro zone market and the economy continue to grow the way it has the last two years, I think that's good for both Europe and the U.S. at that point."

Europe and the United States remain the most attractive markets in the world, Liu added. While he said he likes emerging markets in the long run, he believes there are few fundamental signs to "hang your hat on" in places like China.